020 7538 0102
18th September 2015
Research by Knight Frank suggests that homebuyers in London who think that they can’t afford to move to their target area shouldn’t be put off by the “average” price displayed on the property portals.. For example, in Mayfair, top-end sales such as a £15.9m mansion with 13 bedrooms pull the mean average (the prices of all properties sold divided by the number of properties) up to £3.3m, but the area's median price (the figure in the middle of the range of numbers, if you list them in order) is £1.5m - which edges the neighbourhood closer to affordable. The same applies in all price brackets. Tom Bill, head of London residential research at Knight Frank, says: "Land Registry sales figures show the average London property price is £533,508, but 50% of those properties sold for less than £375,000."